TL;DR: Keshav Ram Narla joins the CoinSpice Podcast for a second episode on the subject of India and cryptocurrency. Narla is an investor, analyst, trader, and pundit from Hyderabad, India. It’s part of the giant country considered to be a one-day rival to Silicon Valley in the United States. Taking into account India’s demographics, its sheer size, and tech savvy parts of its population make it a candidate for cryptocurrency’s future. This episode is available embedded in the article below, and on YouTube, iTunes, Spotify, Google Podcasts, Stitcher, Radio Public, Breaker, PocketCasts, PodBean, and Overcast.
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Following up on the success of our first conversation about India and adoption, Narla is back to discuss the country’s recent history with regard to headline-grabbing concerns regarding the government’s banning of crypto outright.
In this discussion, Narla gives a quick history of the government’s efforts to impact poorer citizens’ use of mostly untraceable cash. It’s a harrowing story. One day the monetary equivalent of $10s and $20s are legal tender, the next day (hours really) they’re not. Just like that. By government decree, Indians scrambled to banks, attempting to change out of their now worthless and illegal fiat. It was more than just an inconvenience. It was a matter of life and death.
Bitcoincash #meetup at Bangalore, India.
Crypto enthusiasts discuss #BCH over coffee. @InstaCryptoIN @BTCTN @BitcoinTribe #BitcoinCash#bitcoin #blockchain #fintech #Cryptocurrency #remittance pic.twitter.com/Y3yA2nsUKl
— Vikram Nikkam (@vikram_nikkam) May 4, 2019
He also explains the Indian intuition toward hard money, sound money, as the average person there holds gold. As a matter of culture and tradition, gold is considered a store of value and medium of exchange. This, combined with its preference for cash, makes India a prime place for cryptocurrency. And it was. Once, however, the government got wind of prices running into the thousands of dollars per digital currency back in late 2017, crackdowns began, leading to the recent legal developments with the Supreme Court … where a decision about its fate has been stalled for some time. Narla gives incredible insight into the machinations of Indian legal bureaucracy and what the ecosystem can expect. A fascinating listen.
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